New Study Highlights Mortgage Application & Approval Trends by Age, Gender, Ethnicity, and Race

CINCINNATI, OHIO, UNITED STATES, August 11, 2023/EINPresswire.com/ -- Homebuyer.com conducts our annual HMDA mortgage data research to help home buyers understand the mortgage market and promote decency and fair treatment for first-time home buyers. By sharing our HMDA mortgage data study and following these guidelines, we can work together to promote a fair and transparent mortgage lending environment for all home buyers.

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Key findings include:

* Dominance of Major Players: In 2022, just 10 mortgage companies held significant sway over the industry, being responsible for a whopping 25% of all mortgage originations. This concentration suggests the increasing influence of top lenders in shaping market dynamics.

* Racial Disparities: Black or African American home buyers experienced challenges in securing mortgage approvals, with their approval rates lagging behind other racial groups. This finding points to a need for addressing potential systemic issues in lending practices.

* Shift in Market Share: Notably, Fannie Mae and Freddie Mac together bolstered their presence in the mortgage market, gaining 5.6 percentage points in market share in 2022. On the other hand, the FHA saw a decline, reflecting changing borrower preferences and market conditions.

* Gender Dynamics: Among individual mortgage applications, male applicants exceeded female applicants by a ratio of 3:2. This disparity underlines the importance of continued efforts in promoting gender balance in homeownership.

*Generational Mortgage Trends: While Millennial home buyers took on the largest mortgages, perhaps reflecting their stage in life and family needs, Gen Z preferred smaller mortgages, indicating a more conservative approach or challenges in affordability.

"Our HMDA study of mortgage applications offers a revealing glimpse into the shifts and trends in the U.S. mortgage landscape. From the dominance of a few key players to varying mortgage preferences among different demographic groups, there's much to consider for both lenders and prospective home buyers." - Dan Green, CEO at Homebuyer.com.

The Homebuyer.com HMDA study dives into 40+ questions about home buyer demographics, home buyer creditworthiness, mortgage loan characteristics, property characteristics, and lender traits.

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Methodology

The HMDA study uses data from the FFEIC website, focusing on the Snapshot National Loan Level Dataset from 2018-2022. These files, updated through April 30, 2022, include over 100 million mortgage applications. Personal information and details are protected.

For our study on home buyers:
* We looked at purchase mortgage applications, ignoring construction loans, refinances, and other mortgage types.
* We focused on residential properties with 1-4 units.
* We didn't include loan types such as HELOCs or reverse mortgages.

HMDA data divides mortgage applications into seven groups, known as "action_taken". We organized our data based on these groups. We relied on the robustness and quality of HMDA data. For more on our methodology, visit the study.

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Explore the Study

For a deeper dive into our findings and to explore comprehensive insights from our HMDA mortgage data research, visit our dedicated study page at https://homebuyer.com/learn/hmda-mortgage-statistics. Delve into detailed statistics, infographics, and further analyses to better understand the evolving landscape of mortgage applications and approvals.

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About Homebuyer.com

Homebuyer.com is the mortgage company for first-time home buyers. We believe everyone who wants to own a home deserves a fair shot at homeownership. Our mission is to clarify and improve the mortgage process for future home buyers and their families. Beyond just lending, our commitment extends to educating and empowering buyers, ensuring they step into their new homes confidently and clearly.

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Contact Information

For press inquiries, please reach out to:
Dan Green
CEO
[email protected]

Dan Green
Homebuyer
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